Word: debt
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Dates: during 1950-1959
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...Administration's economic program had been designed to promote individual liberty and initiative. Said Ike: "To free our economy from bonds that denatured healthy and necessary competition, we abolished a labyrinth of needless controls." And while the $258 billion increase in the federal debt in the last 23 years forbade immediate lowering of taxes, "the Executive and the Congress reduced the previous Administration's budget request for the current year by almost $13 billion . . . some $80 for every American...
...Sparta." The election of David I. Walsh marked the rising tide of immigration: he was the first Irish Catholic to win the governorship. Persimmon-faced Cal Coolidge reversed the trend, turned back to Yankee conservatism. In three terms, Leverett Saltonstall, the present senior Senator from Massachusetts, reduced the public debt from the highest in Commonwealth history to the lowest since...
...prosperity, in office since 1935 through the years of recovery, war boom and the phenomenal postwar industrial expansion that is still going on. Erstwhile Tory businessmen were converted by the Liberal government's highly orthodox fiscal policies, its annual budget surpluses and its steady cutting of the national debt. Farmers liked the efficient grain-marketing system and price supports. Labor was won over when the Liberals coolly borrowed the most attractive social-security planks from the CCF Party...
...Senate balked. More than five hours of briefing and pleading by Humphrey and Dodge changed few, if any, minds in the Senate Finance Committee. North Carolina's Clyde Hoey bluntly told Humphrey that, if the Administration had known on July 1 that an increase in the debt limit was necessary, it should have told Congress on July 2, not waited until the last minute. Senators were sore about the delay, especially since they suspected that the Administration had deliberately waited until appropriations bills were passed: if Congress had got the debt-increase request a week earlier, it might have...
With that the debt fight was lost and the Administration suffered its major defeat on Capitol Hill of the first session...